It's the one on the bottom left with orange ribbon and bubbles cascading down it.

In your opinion, what is the best way to create these bubbles? Are they blown sugar or are they actual ornaments? Looking closely, I can see that the bubbles are stuck into the cake with a pin of some sort.

I did a cake similar to this, the way that I did it is I rolled fondant in a ball and airbrushed them with a pearl sheen, stuck wires in the ones sticking out and attached the rest to the cake with chocolate. Pretty easy but time consuming- Good luck!